Ethereum Co-Founder Calls ‘the Cryptobottom of 2018’

Joseph Lubin, co-founder of Ethereum, believes that the crypto market has hit a bottom; a state he has catchily-dubbed “the crypto-bottom of 2018.” Lubin is also the founder of ConsenSys – a software company that is based on the Ethereum blockchain.

I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.

The series of tweets came in response to some of the public doubt surrounding ConsenSys after it announced a series of layoffs following the crypto bear market.

We are creating transitions for some projects that we believe don't fit as well into the ConsenSys 2.0 vision as they did in ConsenSys 1.0, and we are working on ways to continue to support these projects going forward as we sketch plans for a ConsenSys alumni network.

The Verge reported on Thursday that ConsenSys was planning to lay off up to 50-60 percent of its staff, after letting about 13% of its employees go a month ago. Reassuring everyone that “the sky is not falling”, he rounds off the flurry of tweets saying that he is “excited” about available scalability solutions.

The sky is not falling. From my perspective the future looks very bright. I remain excited about scalability solutions that are available now…

Lubin wrote that ConsenSys is still investing in external projects, and will continue to hire for internal projects. Following the recent layoff report, Lubin stated that the company had taken on fifteen people in the last week, and has created additional job listings that it is currently hiring for.

Back in September, the other co-founder of Ethereum – Vitalik Buterin – strongly emphasized that there is no chance that the blockchain and digital currencies space will ever see growth of one thousand times again. Who is to believe? As of now, only time will tell…